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GTA Home Price Up 10% in March 2015

Toronto Real Estate Board reported 8,940 sales in March 2015, up 11% compared to March 2014. Average home price in March was $613,933 – up 10% year-over-year. The MLS Home Price Index (HPI) Composite Index, which tracks benchmark homes with the same attributes from one period to the next, was up by 7.9% year-over-year.

Sales increased for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5%, indicating tighter market conditions.

Both detached homes and condominium apartments had double digit growth in sales. Sales of townhouses was up by a single digit at 8.9%, while sales of semi-detached homes declined compared to last year due to limited supplies.

Detached home sales were the strongest in the York Region, followed by the Halton Region. In the city of Toronto, sales of condos outpaced that of detached homes, which had a very tight supply.

The strongest price increases were in low-rise homes, including single-detached and semi-detached homes and townhomes. Tight market conditions continued to be the key driver for the strong price increase. This was especially true in the city of Toronto, where price increases for low-rise homes were highest across the entire GTA with a price increase for detached homes at 15.9%, more than doubled the detached MLS® HPI growth rate of 7.8 per cent over the same period.

Contrast to low-rise homes, average prices for condominium apartments were only up modestly year-over-year. In the city of Toronto, average condo price increased by 3.3%, while in 905 area the increase was 6.7%.

New listings in March grew 5.5% compared to March 2014. On a year-to-date basis, new listings increased by 3.0% in the first quarter of 2015 compared to the first quarter of last year. Condominium apartments had the largest increase in new listings, followed by townhomes. New listings of detached homes increased only 1.4% in March compared to a year ago, while new listings of semi-detached homes decreased slightly.

Going forward, the lack of supply of detached and semi-detached homes should continue to put upward pressure on home prices in the GTA.

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